This section consists of FIVE questions. Answer ALL questions. Total 70 marks for this section. Question 4 [8 + 6 = 14 Marks] (a) Design Furniture purchased land paying $70,000 cash and signing a $300,000 loan agreement. In addition, Design paid solicitors' fees of $2,500, a survey fee of $2,000 and $8,000 to level the land and remove an unwanted building. Design then constructed an office at a cost of $700,000. It also paid $55,000 for a fence around the property, $18,000 for a sign near the entrance and $10,000 for special lighting of the grounds. Required: Determine the cost of land, land improvements and building. [8 marks]